Given a cash value policy with the following characteristics: face value = $200,000, cash value = $50,000, outstanding loans = $10,000 and surrender charges = $1,000, the cash surrender value is

[APPENDIX] O'hara Company uses the straight-line depreciation for financial reporting purposes and an accelerated depreciation method for tax purposes. As a result, O'hara will record:

a. a deferred tax asset. b. a deferred tax liability. c. a permanent difference. d. tax-exempt depreciation.

When a property dividend is declared and the book value of the property exceeds its market value, the dividend is recorded at the

a. market value of the property at the date of distribution. b. book value of the property at the date of declaration. c. book value of the property at the date of distribution if it still exceeds the market value of the property at the date of declaration. d. market value of the property at the date of declaration.